Ah, the age-old decision: To rent or to buy. On the one hand, you could have a place to call your own – somewhere to decorate, to renovate and to lay down roots in. On the other hand, you could steer clear of commitment, keep your options open and avoiding costly repairs and home maintenance costs (at least for the next year or so.)
In Schertz, either option is a viable one. There are ample properties available in both camps, and they come in all shapes, sizes and price points. The real question is what are you looking for in your new home? How do you see your future and how will your home play a role?
If you’re still deciding between renting or buying a home in Schertz, we’re here to help. Just ask yourself these simple questions, and you’ll have your answer in no time:
- Are you planning to stick around? How long do you want to stay in Schertz? Long enough for the kids to become school-aged? To graduate high school? Or are you just here until a better opportunity comes along? If you’re planning for the long-term, then purchasing is definitely the better option. Not only is it more affordable in the long run, it’s also a better investment and it’s good for your credit. Renting should only be considered if you’re looking for a more temporary option – something for a year or two at most.
- How much do you have saved? Typically, rent is going to run you more a month than a mortgage will, but it’s important to remember that when you purchase a home, you’ll need a down payment too. So don’t just look at monthly costs. While some types of loans will let you put as little as 3.5 percent down, that’s still going to be a few thousand dollars at the very least. Make sure you have the cash to do it, and if you don’t, consider renting for a short period until you can save up!
- Are you willing to put in the work? Homeownership is definitely a little more hands-on than renting. With a rental situation, your landlord will typically handle any repairs or maintenance issues, and they may even take care of your lawn and other needs as well. With your own home, these tasks fall on your shoulders. Make sure you’re prepared to put in the time (and the money) to take care of your property should you purchase one.
- Who will be joining you? Are you looking for a place for just yourself, or will you be bringing along kids, pets and a spouse, too? When you’re on your own, a rental may be a more flexible option, ensuring you’re not locked in to anything should you change jobs, get married or have another life change. If you’re bringing others along with you, a purchase is almost always the best choice, if only to prevent costly damage to a rental property. Pets can tear up carpet, doors and yards, and little kids have been known to color on walls, chew on stair rails and wreak other havoc. In your own home, these things aren’t a big deal, but with a rental, you’ll get charged a premium – and you may even lose your security deposit as a result.
- How’s your credit? You’ll probably have your credit run regardless of whether you choose to rent or buy, but a landlord is going to be much less stingy than a mortgage lender when it comes down to it. If you have a questionable payment history, a bad credit score or just not many lines of credit to your name, you may find it difficult to get a mortgage and purchase a home. In this case, you may want to rent for a short period of time – maybe a year or so – and spend those months building your credit up. Pay down your debts, make on-time payments to all your credit cards and loans, and work on getting that credit score up to about 600 or higher. You’ll find the mortgage process much easier as a result.
Renting and buying are both great options – especially in a bustling town like Schertz. Need more help deciding what’s right for your situation? Want to let the available properties make the decision for you? Contact The Claus team today. Our expert agents can help you find top-notch rental and for sale properties that meet your needs and budget. Call now to get started!